• If you are having problems logging in please use the Contact Us in the lower right hand corner of the forum page for assistance.

More tax payer funded loss

redrobin

Well-known member
Joined
Dec 19, 2009
Messages
1,148
Reaction score
6
Location
arkansas
NEW YORK (CNNMoney) -- U.S. taxpayers likely lost $1.3 billion in the government bailout of Chrysler, the Treasury Department announced Thursday.

The government recently sold its remaining 6% stake in the company to Italian automaker Fiat, wrapping up the 2009 auto bailouts that were part of TARP.

Fiat paid the Treasury a total of $560 million for the remaining shares, as well as rights to shares held by the United Auto Workers retiree trust.

Originally, the government committed a total of $12.5 billion to the struggling automaker, Old Chrysler, and the company's newly formed Chrysler Group. Of those funds, $11.2 billion have been returned through principal repayments, interest and cancelled commitments, the Treasury said. The new Chrysler Group paid back $5.1 billion in loans in May.

Even though that means $1.3 billion will not be recovered from the bankrupt Old Chrysler, the Treasury called it a "major accomplishment."
 

Steve

Well-known member
Joined
Feb 13, 2005
Messages
16,547
Reaction score
0
Location
Wildwood New Jersey
and cancelled commitments

normally if a party cancels it's loan commitment, it is not then taken on as part of the repayment.



does that really mean loans that will not get paid back?
 

Latest posts

Top